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Nigerians spend N35bn on POS terminals monthly

Nigerians spent a total of N35.84bn on transactions using Point of Sale terminals in the month of August, investigation has shown.

The money was spent in 2.7 million successful transactions that were carried out across the country using POS as the payment option in the month of August.

Head of Corporate Communications at the Nigerian Inter-Bank Settlement System Limited, Lilian Phido, confirmed this in an electronic mail response to an enquiry by our correspondent.

NIBBS, the Central Bank of Nigeria and the Bankers’ Committee have been in the vanguard of a national campaign to promote less use of the cash in the economy.

The CBN had in 2012 introduced a new policy on cash-based transactions which stipulates a cash handling charge on daily cash withdrawals that exceed N500,000 for Individuals and N3,000,000 for corporate bodies.

We are powerless over Imported goods “Forex”

The Central Bank of Nigeria (CBN) yesterday said, it does not have the power to ban any imported product but do not have sufficient foreign exchange to finance goods that can be produced locally.

Shobizz Blog - CBN

Disclosing this at the interactive forum on CBN Forex policy, organized by the Lagos Chamber of Commerce and Industry (LCCI), the Director Monetary Policy; CBN, Mr. Moses Tule, said the CBN new policy is not made to ban any product but that it does not have sufficient funds to finance any product that can be produced locally here in Nigeria
.
Nigeria is a member of the World Trade Organisation (WTO) and we signed a treaty to it.
“The policy is aimed at building our local industries, creating jobs, reducing the pressure and demand for the foreign exchange,” he stated.

He said clarification of the perceived ambiguity of some of the products restricted from accessing foreign exchange would be given by banks and that   the CBN is not earning much foreign exchange from crude oil thus the need to manage the little that was available.

Tule said in the first five months of this year the sum of 575 million dollars was spent on the importation of wheat, while 374 million dollars was spent on fish and 349 million dollars on electrical and electronic appliances into the country.
“It would be wrong to continue with a policy that will keep impoverishing our farmers, local industries and growth of our economy, why will somebody be importing toothpicks or eggs, when we have it in abundance in Nigeria” Tule said.

Helios and Vitol Hold major shares with Onado Oil and Gas

Shobizz Blog - Oando Station

A consortium comprising Helios Investment Partners and The Vitol Group has reached an agreement to acquire 60% of the economic rights and 51% of the voting rights in the West African downstream business of Oando Plc, an integrated oil and gas company with headquarters in Nigeria, for US $276 million.

The pact is subject to regulatory approvals and customary purchase price adjustments, including working capital. The new downstream and retail business will be established as a standalone and independent company to led by a local management team.

Its assets will comprise over 400 service stations in Nigeria with supporting infrastructure, including 84,000 tones of storage and a newly built inbound logistics jetty; as well as complementary businesses, chiefly LPG filling and distribution, lubricants and an interest in a supply and bulk distribution company in Ghana.

The new business will be the second largest downstream company in Nigeria, with a market share of 12%. The Consortium is committed to investing for growth, and working with the experienced and highly skilled local management team to enable the business to capitalise on the 3-5% per annum growth in
Nigeria. It is anticipated that the service stations will retain the Oando brand.

Nigerian Oil & Gas are the cheapest in Africa

A survey conducted by online vehicle marketplace, Carmudi.com has shown that Nigeria remains the only country in Africa with the cheapest price of petrol at $ 0.46, about N92 per litre or 5.6% of the national average income per day.

Shobizz Blog - Oil & Gas

The survey, carried out in eighteen countries in emerging markets where Carmudi operates, is a result of an infograpic created by Carmudi using the prices from the second quarter of 2015 and 2014 average income data.

The data were sourced from the Nigeria National Bureau Statistics, Philippines Bureau of Labour and Employment Statistics, The Pan African Bank, Crédit Agricole, Trading Economics, Global Petrol Prices, and World Vision. 2014 income data were used for all countries except Vietnam (2015) and Sri Lanka (GDP per capita).

The survey which examined the fuel price and general affordability of petrol in the eighteen emerging markets showed Nigeria with cheapest petrol price while “fuel prices look different in East African countries with significantly lower average incomes. For instance, in Rwanda, where fuel costs $1.17, about N230, the average person makes only $1.55 per day, about N310. This implies that one liter accounts for over 75% of a typical daily income, almost a
full day’s work.”
The report further noted: “In Indonesia, where fuel subsidies
have been cut by the government since early 2015, most people are forced to spend over 30% of their daily earnings to buy a single liter of petrol.
In Sri Lanka, a single liter of fuel costs $0.96, taking up to nearly 45% of the national average daily

“Fuel prices in Mexico, the world’s seventh largest oil producer, are similar to prices in
several Asian countries such as
Vietnam, where a liter is priced at $0.92 and $0.97, respectively.
Despite the similar prices, the average daily income in Mexico is almost three times more than
Vietnam. It takes 7.8% of a day’s wage in Mexico to buy a
liter; whereas, in Vietnam it costs more than 25% of the average daily income.”

The survey also showed that, “Fuel prices in the oil rich Middle East countries are incredibly low, and that, coupled with the high average daily income, makes it the best place to own a gas guzzler. Prices range from $0.15 per liter in Saudi Arabia, OPEC’s largest oil producer with average daily income of $143.60, $0.26 in
Qatar, the world’s third largest oil producer with average daily income of $382.60 to $0.47 in the United Arab Emirates, the world’s eighth largest oil producer with average daily income of $170.00.”
Speaking on what motivated the survey, Head of Global Communications, Carmudi, Kalie Moore said:

“The research was carried out because Carmudi is dedicated to providing relevant information about the automobile industry, as we have become the go – to place for everything auto.”